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Oil price crosses $70 amid storm warning

by LLB Reporter September 4, 2018

written by LLB Reporter 4^th Sep 18 10:31 am

Oil prices rose sharply in the US after the evacuation of two Gulf of Mexico oil platforms in preparation for Tropical Storm Gordon.

Oil supplies are expected to be hit as a hurricane warning has been posted for the Gulf Coast from eastern Louisiana to the Florida-Alabama state line.

US light crude rose $1.31 a barrel from Friday’s close to a peak of $71.11, its highest since mid-July, before easing to around $71.00, up $1.20, by 0900 GMT.

Anadarko Petroleum Corp told media that it had evacuated and shut production at two oil platforms in the Gulf of Mexico ahead of the approach of Gordon, which is expected to come ashore as a hurricane.